March 19, 2019 / 11:09 AM / a year ago

Italy to renew 'GACS' bad loan scheme for up to 3 yrs -draft bill

ROME, March 19 (Reuters) - Italy plans to renew a state guarantee scheme aimed at helping banks shed bad loans for up to 36 months under a draft law decree seen by the Reuters.

Based on the document, which sources said would likely be discussed at a cabinet meeting on Wednesday, the government can introduce the new guarantee scheme for 24 months starting from the date it receives a green light from the European Commission.

The government can agree with the EU a further 12-month extension after the first two years, the document showed.

Reporting by Giuseppe Fonte, writing by Valentina Za, editing by Agnieszka Flak

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